Congratulations on the purchase of your new home! It’s a big step and one of the most exciting purchases you’ll ever make. Your new home is more than a building. It’s a safe haven for your family and investment you need to keep secure. Protecting your new home with the right home buyers insurance policy is a vital step to protect against potential risks.
The experienced agents at LoPriore Insurance can help you understand the value of new homeowners’ insurance and offer advice about the options available to you. With access to a variety of insurance companies, we can help guide you and protect you and your property throughout the entire insurance process.
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Your Homeowners Insurance Policy Is an Important Decision
We understand that buying a home is a big process. There’s a lot to do, and securing homeowner’s insurance can seem like one more chore you need to quickly check off a list. Still, it’s important to remember that the coverage you choose is designed to protect you, your family, your new home, and your possessions. Making a rushed decision could lead to a significant loss in the event of an unexpected event. Here are three reasons you should make a careful decision when purchasing home insurance.
- You could end up underinsured: If you don’t understand the terms of your policy, you might think you have coverage for repairs when you really only have coverage for the current value of your home and possessions. Additionally, failure to learn what events are covered by your policy could leave lacking coverage in the event of a disaster.
- You might not be able to meet your deductible: Insurance policies with inexpensive premiums often have high deductibles. If you don’t consider your ability to meet your deductible, you might not be able to afford reimbursement for a claim.
- Your valuable possessions might not be covered: Many possessions are covered under your homeowner’s policy. However, there are exceptions. You can purchase additional optional coverage for personal property.
Tips for Purchasing Your New Home Buyers Insurance Policy
Insurance policies and requirements can be confusing. You may receive conflicting advice from different parties and it’s difficult to know how to make the right choice. Here are some tips to help you avoid common mistakes homeowners often make when purchasing a home insurance policy.
Understand the Difference Between Replacement Cost and Market Value
In the event you ever need to file a claim, it’s important to understand the extent of your coverage. Replacement cost describes the amount of money that it would cost to replace your possessions in the event of a loss. Market value only covers the amount your possessions are currently valued. For example, the difference between the replacement cost and current market value of your five-year-old refrigerator could be substantial.
Talk to a Professional
An independent insurance agent can offer unbiased professional advice about your insurance options. An independent insurance agency has the advantage of working with a variety of insurance companies. Thus, an agent can help you find the policy that best suits your needs and budget without worrying about which company provides the coverage.
Don’t Go for the Cheapest Coverage
Your insurance policy is designed to protect you from substantial loss when an unexpected event occurs. While the cheapest coverage may seem enticing, it should at least offer standard protection for your home and attached buildings, possessions inside the home, and liability coverage.
Understand Your Coverage Limits and How to Fill the Gaps
Sadly, many homeowners don’t learn about the limits of their homeowner’s policy until they attempt to file a claim. Floods and earthquakes are two common disasters that many homeowners mistakenly believe they’re covered for. When you understand the limits of your policy, you have the opportunity to purchase additional coverage to fill these gaps and keep your new home fully protected.
Don’t Skip the Home Inspection
Your home inspection is the one opportunity you have to learn about potential damage or wear that could alert you to repairs that need to be taken care of to avoid major expenses in the future. Your home inspection may also help you learn about repairs that could make you eligible for discounts on your home insurance.
Your first home purchase comes with a big learning curve. You have a lot of information and new terms to learn in a short amount of time. Adding the necessary home insurance information to the heap can be overwhelming. It’s common for new home buyers to have questions. Here are some common questions.
First Time Home Buyers Insurance FAQs
A home insurance binder is a document that provides proof of insurance when you’ve purchased a new insurance policy although the details aren’t finalized. The binder provides all the necessary details of your policy and is valid until you receive the official insurance policy.
Most home insurance policies do not include flood coverage. However, you can purchase additional optional coverage to protect you in the event of flood damage.
Discounts are a great way to help you save money on any insurance policy. Purchasing all of your necessary insurance policies at the same insurance agency can make you eligible for a multi-policy discount. Other valuable discounts may include safety discounts, new home discount, and superior construction discount. Additionally, lowering your premiums may include lowering your credit score and installing important safety features in your home.
Complete a home inventory. Taking photos and listing the value of each of your possessions is the best way to really understand the combined value of the articles you own. Indeed, your insurance agent will use this list to better help you estimate the coverage you need.
The term covered perils describe the events that your insurance policy will reimburse you for in the event you need to file a claim. Some perils a homeowner’s policy generally covers include, fire, smoke, windstorms and hail, vandalism, theft, falling objects, and water damage.
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Learn More About Home Buyers Insurance
Buying your first home is an exciting time and you shouldn’t have to be intimidated by the home insurance process. At LoPriore, our motto is insurance that fits your lifestyle. Indeed, our experienced local agents are available for every step of your insurance journey and happy to offer advice along the way. Thus, to learn more about our policies or to get a quick quote on the insurance you need, get in touch today. Our friendly staff is happy to answer your questions or help you understand your insurance options.